Tidemark Enters Its Next Stage of Growth With More Than 310 Percent Increase In Annual Recurring Revenue
Unmatched Ability to Unify Financial and Operational Data for Collaborative Business Planning Within One Platform Drives More Adoption Within The Enterprise
REDWOOD CITY, Calif., March 4, 2015 /PRNewswire/ -- Tidemark, maker of modern cloud business planning and enterprise analytics apps, today reported its growth in revenues and customer engagements for its Fiscal-Year 2015, which ended January 31. Tidemark posted dramatic year-over-year (YoY) increases on multiple fronts in FY15. February 2015 marked the start of its FY16 and the company's fifth year since its founding.
Customer and Financial Growth
In 2014, Tidemark experienced an annual recurring revenue (ARR) increase of 311 percent from the previous year. Total revenue under contract rose more than 218 percent. The significant growth can be attributed to the company signing its first wave of multi-million dollar enterprise contracts with customers in key markets, including retail, manufacturing, healthcare and higher-education. New customers included Association of American Medical Colleges (AAMC), BlackBerry, Eventbrite, University of Miami, Laredo Petroleum, Lineage Logistics, Masonic Villages, Allied Global, Care.com and more. Tidemark's active customer-base grew 189 percent from the previous year.
According to the December 2014 Forrester Research, Inc. report Align Your Business Applications To Technology And Customer Imperatives (access requires subscription), "Business process transformation enables a company to move from traditional processes that focus on outdated business practices or automation paradigms to the digital age," wrote Paul Hamerman, vice president and principal analyst for Forrester Research, Inc. "Strategic imperatives, such as mobile, continuous collaboration, and real-time analytics allow a company to transform its business in ways that will allow sustainable competitive advantage."
Accelerated Business User Engagement
With its goal to help organizations transform their planning culture, Tidemark saw a big surge in the usage of its apps:
- Overall app usage increased by more than 200 percent in Q4 as more business users from other departments got involved with financial planning and analysis (FP&A) to increase the accuracy of their company's budgeting, planning and forecasting
- Tidemark's mobile-first design allowed organizations to evolve into cross-platform planners, as users increasingly acted on business decisions from more than one device with 78.5% of customers using at least two types of devices (such as desktop, mobile phone or tablet)
- FP&A teams that applied unstructured data streams from Twitter, Facebook, Weather.com, Labor of Statistics and other sources from the outside world gained a significant advantage as they combined system data from cloud companies including Salesforce.com, NetSuite, BOX, New Relic and more to create one real-time, unified plan all within the same platform
- Tidemark's introduction of industry-first features like Playbooks™ modernized the traditional board book and provided an unprecedented way to securely collaborate while illustrating a complete narrative around their company's performance in a consumerized and engaging way
Company Expansion
In order to keep pace with market demand, Tidemark grew its workforce 40 percent YoY and opened new offices in North America including Norwalk (CT), Chicago (IL), and Dallas (TX) as well as international office in the United Kingdom, France, Netherlands and Switzerland. The company also added to its leadership ranks three top-performing management veterans from Oracle, SAP, IBM and SuccessFactors. Bud McGann joined Tidemark as its first Chief Revenue Officer, while Mark Macaluso joined as Vice President of Customer Success. In addition, Jerome Lefebvre was brought on to lead Tidemark EMEA (Europe, Middle East and Africa) operations. To fuel its staggering growth, Tidemark added a new $32 Million funding round in 2014 from Silicon Valley Bank and existing investors Greylock Partners, Andreessen Horowitz, Redpoint Ventures and Tenaya Capital.
"FP&A has always resided in the Office of the Few, resulting in key insights and drivers of a company never being available to the business user. As a result, the number of users in an organization has always stayed relatively the same regardless of whichever EPM platform they used," said Christian Gheorghe, Founder and CEO of Tidemark. "At Tidemark our mission is to create applications that enable organizations to modernize their planning and forecasting processes and break down silos so that engaging experiences foster a culture of collaborative performance between finance and the rest of the business."
A Proven Innovator Marks its First Five Years
Founded in February 2010 by Christian Gheorghe and Tony Rizzo, Tidemark introduced the first release of its cloud-native planning and analytics platform two and a half years later. Gheorghe and Rizzo spent Tidemark's first year interviewing finance and operations executives at more than 100 companies to determine how the legacy planning platforms organizations used were failing them. Then they turned their attention toward developing cloud-native, mobile-first applications designed to do what legacy platforms couldn't. Ben Horowitz, co-founder of venture capital firm Andreessen Horowitz, said, "For those of us who have been around this kind of software for years, Tidemark's breakthroughs are breathtaking. It's a product that delivers on a 30-year vision in the same way that the iPhone finally fulfilled the dream of the Newton."
About Tidemark
Tidemark is a new breed of enterprise performance management (EPM) software with its modern cloud and mobile-first design. Innovative brands like Netflix, Chiquita, BlackBerry, Brown University, and HubSpot rely on the Tidemark platform and advanced analytics cloud to sharpen decision-making, reduce risk and improve business performance. Using Tidemark's unique, intuitive apps, decision-makers across the organization gain access to valuable data, deep analytics capabilities, real-time collaboration, and actionable visualizations from any device. Tidemark has offices throughout North America and Europe and is funded by Greylock Partners, Andreessen Horowitz, Redpoint Ventures, Tenaya Capital, and Silicon Valley Bank. To learn more about Tidemark, please visit www.tidemark.com or follow us on Twitter @TidemarkEPM.
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